1849 G$1 No L PR64 Cameo NGC....
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Minimum Next BidBid increments determine the lowest amount you may bid on a particular lot. Normally, bids must be at least one bidding increment over the Current Bid. However, podium, fax, phone and mail bidders submit bids at various times without knowing the current bid and must be on-increment or at a half increment (called a Cut Bid). Any podium, fax, phone, or mail bids that do not conform to a full or half increment will be rounded up or down to the nearest full or half increment.
Internet bids are required only to bid the increment past the Current Bid, or more. Internet bids greater than one increment over the Current Bid can be any whole dollar amount.
It is possible under several circumstances for winning bids to be between increments. It is also possible for an existing bid to be outbid by less than a full increment, sometimes by only $1. This usually happens when two bidders feel that a lot is worth about the same amount, but one places an off-increment bid. Generally when this happens, the Current Bid was much lower than the high secret maximum bid when the off-increment bidder placed his bid.
For example: On Tuesday, you bid $1500 against Bidder A's Maximum Bid of $1000, raising Current Bid to $1100. Then on Thursday, Bidder B, seeing a Current Bid of $1100, guesses the final price and decides to bid $1501, outbidding your Maximum Bid by $1. You would now have to bid $1600 through Heritage Internet bidding or $1550 on Heritage Live (if available for the auction) to possibly win that lot. Next time, maybe you'll bid $1502 and outbid Bidder B by $1!
Number of BiddersThis number represents the number of individual bidders prior to the close of Internet bidding on each lot. An individual who bids more than once is still counted only once. During the live session, only the winning bidder is included in this number, although detailed records are kept of all forms of bids.
Reserve (If Any) Not Posted Yet:
Although many lots will not get reserves, this signifies that we have not yet posted any reserves to this entire auction. Reserves are usually posted approximately 3 days prior to the closing for Internet-only auctions, and approximately 7 days prior to the live session for Signature auctions. At that point, any unmet Reserve will become both the price shown (with an asterisk) and the Minimum Next Bid, regardless of any previous bids.
Consignor Has Not Yet Submitted a Reserve:
Although the consignor's agreement allows a reserve on this lot, the deadline for submitting such a reserve has elapsed. If consignor submits a reserve post-deadline and the item fails to meet that reserve, we may charge the consignor a higher reserve fee.
This lot is being sold without a consignor reserve. (Note: By law, consignors may still bid under certain conditions, but they are responsible for paying the full Buyer's Premium and Seller's Commission if they do.)
Reserve Not Met:
A reserve has been posted on this lot, but no bids have met the reserve. The current bid has been set to the reserve amount, and the next bid will meet the reserve.
Reserves have been posted for this auction, and there is a reserve on this lot that has already been met.
Lots bearing estimates and without Consignor Reserve shall open at Auctioneer's discretion (usually 25% to 60% of the low estimate).
What's This?The owner of this item has indicated that they would sell this item at the amount, although their acceptance of your offer is required before the item can be purchased.
BP - Buyer's Premium per LotA Buyer's Premium will be added to each successful bid. For this sale: 17.5% of the successful bid (minimum $14) per lot. Please see #2 in our Terms & Conditions.
Not SoldThis indicates an item that did not sell at auction because it did not receive bids equal to or greater than the reserve (minimum bid) amount set by the consignor, or the opening bid.
Opening Bid:Lots bearing estimates and without Consignor Reserve shall open at Auctioneer's discretion (usually 25% to 60% of the low estimate).
Extended Payment Plan
Available on select items as noted on the item page in the bidding area.
- Minimum invoice total is $2,500.
- You may take up to four (4) months to pay the balance (monthly payments of at least 1/4th of invoice total).
- Minimum down payment is 25% within two weeks of the sale date. All down payments made beyond this 2 week window will require a 35% down payment, and the term will be shortened to 3 months.
- Subject to a refundable 3% set-up fee, which will be paid as part of your 1st monthly installment. This fee will be refundable upon completion of the plan if the following conditions are satisfied:
- There is no penalty for paying off early.
- Non-dealers only
- With pre-approved credit application
- Get pre-approved by filling out a credit application.
- Bid normally and win some lots.
- Heritage will maintain possession of all the lots until paid in full. Therefore, you must notify us of your intent to use our Extended Payment Plan on or before the day of the auction. All pre-shipped material must be returned to Heritage in order for the plan to be in effect.
- When you get your electronic invoice, select "other" from the payment options.
- Send an e-mail to EPPGroup@HA.com indicating the invoice number and your intention to use the Extended Payment Plan.
Note: This offer may not be available on some items.
Terms and Conditions
Extended Payment Plan for Heritage Owned Inventory Items(excludes Virtual Bourse, Comic Market and Virtual Sports Show)
- Minimum invoice total is $2,000.
- You may take up to 6 months to pay the balance (monthly payments of at least 1/6th of invoice total).
- Minimum down payment is 20%.
- Payments (including the down payment) must be made on-time per your specific EPP schedule (there will be a brief grace period).
- Payments must be made using one or a combination of the following payment methods: cash, check, cashier's check, eCheck, money order, bank draft, bank wire or PayPal.
- There is no penalty for paying off early.
- Non-dealers only
SMS Alerts- Receive a text message approximately 35 lots ahead of your item being up for bidding at auction, with a link to bid in Heritage Live in the text message. Haven't registered? Visit MyProfile to sign-up for free by entering your mobile number. The green icon indicates Live Bidding Text Alerts are on for that lot. Live Bidding Text Alerts are only available for lots in live sessions.
Note: The extra increment won't be placed until the item is up for live bidding, so it is possible that you could be outbid by a bid placed prior to live bidding, such as another proxy bid, live proxy bid, mail bid, etc., which could result in your losing the lot by that one increment. For the same reason, it is also possible that a currently losing bid with bid protection placed could potentially win the lot once the lot is subject to live bidding and the Bid Protection increment(s) is placed.
Finer of Two Certified Specimens
A Landmark Numismatic Offering
Perhaps the only universal criterion for "proof" in U.S. numismatics is the intent to make a special coin. While there are varying degrees of quality for regular-issue or business-strike coins, a proof is meant to be set apart from those peers -- apart and above. That said, the difference between a quality "prooflike" business strike and a true proof can be hard to discern, and the farther back in U.S. numismatic history one goes, the hazier the boundary gets. This is especially true in the pre-1858 era, when proof production was irregular and many protocols that apply to later 19th century issues were not in place.
Further complicating matters for the 1849 No L, Open Wreath gold dollar proofs is that the mintage was relatively small (Q. David Bowers estimates 10,000 pieces in A Guide Book of Gold Dollars) and many coins were saved, so the proportion of "prooflike" survivors is high -- muddling the question of whether true proofs exist. In his Guide Book on the subject, Bowers recounts how esteemed experts can disagree on whether or not a coin is a true proof, using a coin in a Bowers and Merena auction as an example (italics his):
"At the viewing of the lot, qualified observers were divided in their opinions, but one suggested that all that was needed was to have it certified 'Proof' and that would end the matter; today, it is not unusual for opinions to change into facts (sort of) by this method!"
The one coin that has the most published acceptance of any claimed proof 1849 gold dollar ("unquestioned" according to Bowers, "indisputable" per Garrett and Guth in their Encyclopedia of U.S. Gold Coins), acquired in 1849 and now in the National Numismatic Collection of the Smithsonian Institution, has been harshly cleaned on the reverse; effectively, it is called a proof based on one side's "prooflikeness," for its acquisition the same year it was struck is mere circumstantial evidence.
Leaving cynicism about grading services aside for a moment, the existence of proof 1849 No L, Open Wreath gold dollars rarely has been in question, even as the statuses of various coins have come under scrutiny. (Mint records do not indicate the striking of any proofs, but as the historical record shows, this is hardly a disqualifier.) Walter Breen gave multiple estimates of the number of proofs extant, never more than a dozen; David Akers too evolved with time, from "seven to eight" with two auction appearances in his landmark book series from the 1970s to "nine or 10" in his 1984 cataloging of a coin he believed to be a proof.
Returning to the grading services, while PCGS has certified no 1849 gold dollars as proofs, NGC recognizes two. This PR64 Cameo example was the first to be certified, as it is mentioned in the first (2006) edition of Garrett and Guth, whereas the PR62 specimen also in the Census Report goes unmentioned and so must have been certified later. Based on the Star designation, NGC recognizes this coin's eye appeal and quality by proof standards, which crystallizes how strongly NGC felt about the topic when it encapsulated the piece.
The overriding question for this specimen is not "What makes a proof?" but rather "What else could this coin be?" The deep mirrors, pale sun-yellow or glossy "black" depending on the angle of the light, do not suggest a "prooflike" trick but an honest attempt at making a coin special; the same goes for the frost on Liberty's portrait, the 13 stars around that show complete centers (!), and the reverse wreath. Light linear flaws through the letters ITE of UNITED suggest die cracks, but this alone has little bearing on the coin's seeming proof status. Three parallel depressions between the left ribbon end and the U of UNITED may serve as a pedigree marker.(Registry values: P9) (PCGS# 87592)
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